Hims & Hers Health vs Lifestance Health
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The short version
- Hims & Hers Health is the larger business, with $2.3B of revenue in fiscal 2025 against $1.4B for Lifestance Health, about 1.6 times as much.
- Hims & Hers Health grew revenue faster (59.0%, against 13.9%).
- Hims & Hers Health kept more of each dollar of sales as operating profit (4.5% operating margin, against 1.7%).
- Lifestance Health turned more of its sales into free cash flow (7.7% FCF margin, against 2.5%).
- Hims & Hers Health earned a higher return on the capital invested in it (19.0%, against 1.2%).
| Latest fiscal year | HIMS Β· FY25 | LFST Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.4B | $5.0B |
| Revenue | $2.3B | $1.4B |
| Free cash flow | $57.4M | $110M |
| Net income | $128M | $9.7M |
| Growth | ||
| Revenue growth | 59.0% | 13.9% |
| 5-year growth | 73.6% | 46.3% |
| Share count change | 9.1% | 3.2% |
| Profitability | ||
| Gross margin | 73.8% | β |
| Operating margin | 4.5% | 1.7% |
| Net margin | 5.5% | 0.7% |
| FCF margin | 2.5% | 7.7% |
| Return on capital | 19.0% | 1.2% |
| Return on equity | 25.2% | 0.7% |
| Balance sheet | ||
| Net debt | $395M | $34.2M |
| Net debt / EBITDA | 2.5x | 0.5x |
| Dividends and buybacks | $90.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | 99.5x |
| Piotroski F-score | 4 | 7 |
Revenue
FY19
HIMS $82.6M
LFST $213M
FY20
HIMS $149M
LFST β
FY21
HIMS $272M
LFST $668M
FY22
HIMS $527M
LFST $860M
FY23
HIMS $872M
LFST $1.1B
FY24
HIMS $1.5B
LFST $1.3B
FY25
HIMS $2.3B
LFST $1.4B
HIMS
LFST
Operating margin
FY19
HIMS β90.1%
LFST 7.2%
FY20
HIMS β10.2%
LFST β
FY21
HIMS β42.3%
LFST β42.9%
FY22
HIMS β13.0%
LFST β24.5%
FY23
HIMS β3.4%
LFST β17.9%
FY24
HIMS 4.2%
LFST β2.5%
FY25
HIMS 4.5%
LFST 1.7%
HIMS
LFST
Free cash flow
FY19
HIMS β$75.2M
LFST $2.7M
FY20
HIMS β$4.2M
LFST β
FY21
HIMS β$35.2M
LFST β$85.1M
FY22
HIMS β$33.7M
LFST β$26.5M
FY23
HIMS $47.0M
LFST β$57.4M
FY24
HIMS $198M
LFST $85.7M
FY25
HIMS $57.4M
LFST $110M
HIMS
LFST
Return on capital
FY19
HIMS β
LFST β
FY20
HIMS β
LFST β
FY21
HIMS β
LFST β
FY22
HIMS β49.5%
LFST β10.4%
FY23
HIMS β18.2%
LFST β9.1%
FY24
HIMS 41.3%
LFST β1.6%
FY25
HIMS 19.0%
LFST 1.2%
HIMS
LFST
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.